Hydrogen Fuel Cell Vehicle Market Share Analysis Report, 2023-2032
The global hydrogen fuel cell vehicle market size was exhibited at USD 1.44 billion in 2022 and is projected to hit around USD 152.97 billion by 2032, growing at a CAGR of 59.5% during the forecast period 2023 to 2032.
Key Pointers:
Hydrogen Fuel Cell Vehicle Market Report Scope
|
Report Coverage |
Details |
|
Market Size in 2023 |
USD 2.29 Billion |
|
Market Size by 2032 |
USD 152.97 Billion |
|
Growth Rate From 2023 to 2032 |
CAGR of 59.5% |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2032 |
|
Segments Covered |
Vehicle Type, Technology |
|
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
|
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
|
Key Companies Profiled |
Ballard Power System, ITM Power, Plug Power, Delphi Technologies, Doosan Corporation, Hydrogenics, Proton Power System PLC, Intelligent Energy Holdings plc, Panasonic Corporation, Pearl Hydrogen, Horizon Fuel Cell Technologies |
The market for fuel cell vehicles is still in its early stages of growth and expansion. A few Toyota Motor Corporation, Honda Motor Corporation, and Hyundai Motor Group cars are currently in operation in certain locations, although many technologies are still in the experimental stage. European automakers like BMW AG and Audi are developing fuel-cell vehicles with a later launch date in mind based on earlier prototypes. Numerous more companies are following in the footsteps of BMW and Audi. Renault, for example, developed a hydrogen-powered SUV prototype. The Scenic Vision SUV's 16kW fuel cell extends the vehicle's operating range to 800 kilometers without recharging. The Scenic Vision SUV's 16kW fuel cell extends the vehicle's operating range to 800 kilometers without recharging. When compared to a normal electric vehicle model, the carbon footprint will be reduced by 75%, and the battery will be lightweight. The model from the French carmaker will not be available until 2030 or 2032. The company plans to launch its all-electric vehicle by 2024.
To boost economy, hydrogen fuel cell vehicles are being used in large commercial trucks. For example, Hyzon Motors Inc., a major global player in commercial vehicles powered by zero-emission hydrogen fuel cells, has created a hydrogen storage system technology that can lower commercial car production costs and weight. The new technology, which has yet to be patented, has the potential to cut the number of manufacturing components utilized by 75%, the weight of the system by 43%, and the cost of system storage by 52%. The system metal print is made of lightweight composite material and is built on a single rack system that can carry five hydrogen cylinders at once. These reasons have increased the size of the global hydrogen fuel cell car market.
Fuel cells use hydrogen and oxygen to generate energy via a chemical process. Hydrogen is a highly flammable gas because it aids in the combustion of other compounds at lower temperatures. Fuel can catch fire if handled incorrectly because hydrogen flames can burst and are unnoticed.
If an electrical spark comes into touch with the hydrogen, it ignites. Although there are various electronic and costly initial expenditures in infrastructure combustion, which minimizes the likelihood of a car catching fire. At hydrogen fueling stations, the risk of fire is also taken into account. Customers are hence hesitant to buy FCEVs. As a result, the highly flammable nature of hydrogen gas greatly limits the market for vehicle fuel cells.
Some of the prominent players in the Hydrogen Fuel Cell Vehicle Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Hydrogen Fuel Cell Vehicle market.
By Vehicle Type
By Technology
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hydrogen Fuel Cell Vehicle Market
5.1. COVID-19 Landscape: Hydrogen Fuel Cell Vehicle Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hydrogen Fuel Cell Vehicle Market, By Vehicle Type
8.1. Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2023-2032
8.1.1. Commercial Vehicle
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Passenger Vehicles
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Hydrogen Fuel Cell Vehicle Market, By Technology
9.1. Hydrogen Fuel Cell Vehicle Market, by Technology, 2023-2032
9.1.1. Proton Exchange Membrane Fuel Cell
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Phosphoric Acid Fuel Cells
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Alkaline Fuel Cell
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Solid Oxide Fuel Cell
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Hydrogen Fuel Cell Vehicle Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.1.2. Market Revenue and Forecast, by Technology (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Technology (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.2.2. Market Revenue and Forecast, by Technology (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Technology (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Technology (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.4.2. Market Revenue and Forecast, by Technology (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Technology (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.5.2. Market Revenue and Forecast, by Technology (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Technology (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Technology (2020-2032)
Chapter 11. Company Profiles
11.1. Ballard Power System
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. ITM Power
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Plug Power
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Delphi Technologies
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Doosan Corporation
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Hydrogenics
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Proton Power System PLC
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Intelligent Energy Holdings plc
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Panasonic Corporation
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Pearl Hydrogen
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers